Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1887-06-04
THE OUTLOOK.

IS =
most dangerous stringency Of the
money market--one that threatens
very serious consequences. Yester.
day morning we showed from the
advance sheets fthe report of i'm.
ports and exports for April that the
excess ofimports over exports in that
month was about 81, 100000. 1t is
shown by the reports of this railways
leading to the ocean, that the trade
in the great cities Of the country has
fallen, very far below the general
average at this season of the year.
Thoughtful men seek the causes
of this condition of affairs, and they
find it in the vicious legislation Of
last Congress-in the inefficiency
displayed by that body-in its fail.
IRE to pass such laws as every man
could see were demanded by the
condition of the country--ln its stu
pidly refusing to enact laws reducing
the surplus that was inevitable if
the laws were not changed.
Mr.. Manning, Secretary of the
treasury, in bis report to Congress,
said that 1926, 1000, OOO--an average
of s12,50O,O0O each month of the
fiscal year-would accumulate in
the treasury, and. be there locked
up, unless some legislation was adopt
ed to lessen the income Of the gov.
ernment., Yet Mr.. Manning refused
to recommend-in fact objected to
the repeal OF the tax levied upon SUI
gar, amounting during the year to
over S50,00O,000. He also objected
to the repeal of the tax on tobacco,
producing, s3O,0OO,OOO. This was
the action ofthe Democratic execu.
tive department. Of the government.
With full knowledge that there
was an immense surplus fund-with
full knowledge that both these taxes
could be removed, there being ma
jority in both houses in Congress in
favor Of the remoyal--the Democrat
ic executive not only refused to rec.
ommend, but absolutely opposed the
removal of two, taxes which would
have reduced the surplus sS0,000,OOO.
The Democratic speaker of the
House, Mr.. Carlisle, by a usurpation
of power unparalleled in the history
OF this country, or so far as we know,
or any other country, refused to rec.
ognize any member of the House to
offer a bill by which these taxes
would have been repealed, well know.
ing that two thirds majority of the
House, over which he presided, ia.
vored both measures. Thus the
Democratic executive and the Dem.
ocratic legislative power ofthe coun.
try refused to recommend, to consid.
er, or to pass any measure to reduce
the surplus which they knew was
bound to accumulate.
Instead Of attempting remedial
legislation this Democratic Congress
i
passed its time in considering and
making into laws such vicious meas.
ures as would result in demoralizing
the entire internal commerce Of the
country. .t... ....-...s..
This was one side oftheir conduct.
There was another. They refused
to pass any measure by which the
money already certain to accumulate
would be expended, as it should be,
in the preparation of Notifications to
defend the great cities of the country
from hostile attack. They refused
to expend any decent sum of money
to rebuild the American navy. They
refused to expend any money in the
effort to restore the commercial SD.
premacy of America ON the oceans
of the world. They adopted a cheese
pairing, economical policy, reducing
the expenditures below what was
absolutely necessary to run the GOV.
-ernment. They did still more. They
SO manipulated the legislation that
severaiof the most important Of the
appropriation bills were lost, and one,
which expended millions Of dollars.
suffered pocket veto from the Pres.
ident because he alleged, he had not
time to properly examine it.
The result of such conduct-Of
snch neutrality-suspicious. being seen.
Commerce is etieu1oralized. The
export trade has fallen off SO great
I ly that it win require hundred
million dollars In gold during the
next fiscal year to balance the
books, instead of there being, as
there has been, a balance in our IA
vor for the last eleven years ranging
from twenty six to two hundred and
sixty-five million dollars, an average
of s145,00O,O00 excess or exports
during these eleven years.
Valnes are deranged, and money
is seeking investment in real estate
to which refuge it always flies when
there are danger signals in the com
mercial world. Prices are lowering.
- A.. f.cu tionJ of